LED chip industry: the winner is king, the pattern has been set?

The continued expansion of the large factory has caused SMEs to be phased out. In 2017, the LED chip industry market initiative has been in the hands of several leading companies. Among them, Sanan, Jingdian and Huacan are the top three manufacturers with a market share of 50%, especially Sanan is in a big one. The situation, accounting for nearly 30% of the market share. With the start of demand and the integration of the supply side, the continuous expansion of the large-scale enterprises has led to the gradual elimination of SMEs. In 2017, the LED chip industry market initiative has been in the hands of several leading companies. Among them, Sanan, Jingdian and Huacan are the top three manufacturers with a market share of 50%, especially Sanan is in a big one. The situation, accounting for nearly 30% of the market share. With the start of demand and the integration of supply terminals, the future LED chip industry will return to rationality in terms of price and market competition, and the pattern will gradually become clear. The performance is red, the prospect of LED chips is promising Since 2016, many chip companies have raised the price of some products, and the market demand has clearly shown a strong trend. Domestic LED chip companies have expanded their production, and the production and sales have increased significantly, further consolidating the company's The dominant position in the market. In the first quarter of 2017, the listed LED chip companies listed in the financial report data can be seen, in addition to Dehao Runda, the other LED chip manufacturers have realized profit and double income. Among them, Sanan Optoelectronics, Ganzhao Optoelectronics, Huacan Optoelectronics and Silan Micro. Among them, Sanan Optoelectronics' operating income in the first quarter reached 1.99 billion yuan, an increase of 68.90% over the same period of the previous year. Ganzhao Optoelectronics realized operating income of RMB 267,860,800, an increase of 36.32% over the same period of last year; net profit attributable to shareholders of listed companies was RMB 41,537,300, an increase of 7,598.90% over the same period of last year. Huacan Optoelectronics and Silan Micro did not show weakness. During the reporting period, Huacan Optoelectronics realized an operating profit of RMB 55,569,600, an increase of RMB 98,836,600 over the same period of the previous year, an increase of 224.49%; a net profit of RMB 80,780,100, an increase of RMB 94,680,700 over the same period of the previous year. The increase was 681.13%. Silan's operating income in the first quarter was 589 million yuan, a year-on-year increase of 36.35%; the net profit attributable to shareholders of listed companies was 32.801 million yuan, a year-on-year increase of 1487.62%. As for the reasons for the increase in performance, the announcement of the company's announcements has pointed to the continued rise in market demand and prices, as well as the continued expansion of production and sales, which has become the main reason for the substantial increase in revenue and profits this quarter. The redness of the performance also directly confirmed the fiery market. According to statistics from statistical agencies, the demand for LED chips in 2017 is expected to be approximately 92.35 million. Among them, the demand for lighting chips is 47.04 million, the demand for outdoor full-color displays is 26.02 million, the demand for small indoor spaces is 1.02 million, the demand for mobile backlights is 1.39 million, the demand for backlights for tablets is 440,000, and the backlight for computers and TVs is 699. 10,000 pieces, 1.06 million pieces of automotive lamps. In summary, it can be seen that in 2017, the total demand area of ​​chips is estimated at 92.35 million pieces, an increase of about 12.5%. At the same time, with the gradual improvement of the localization rate and the gradual opening of the downstream market, the LED chip industry will continue to grow deterministically for some time to come. The main financial data of LED chip companies in the first quarter of 2017 (unit: 10,000 yuan) The rise of mainland chips, industrial concentration has improved in recent years, including local chip manufacturers including Sanan Optoelectronics, Huacan Optoelectronics, Dehao Runda, etc. Production and integration continue to expand market share, and the concentration of LED chips in the mainland is constantly improving. Coupled with the development and shuffling of the industry, China's LED chip pattern has basically taken shape, and the market discourse power is mainly in the hands of several leading manufacturers. The increase in data directly reflects the increase in industrial concentration. In the field of LED chips, the market share of the top 10 chip companies in 2012 is about 60%, and has now increased to 78%. In the market share increase, it is also mixed with the reshuffle of the LED chip industry, most small and medium-sized enterprises. Has been eliminated. At the same time, the rise of mainland manufacturers is also very alarming. In 2016, the top ten manufacturers of LED chips in China accounted for 77%, and Sanan, Jingdian and Huacan won the market share. In particular, the mainland's local LED chip manufacturers, Sanan Optoelectronics, Huacan Optoelectronics, Dehao Runda, Aoyang Shunchang, etc. have continued to expand market share through expansion and integration, and achieved the leap of the remaining. At the same time, mergers and acquisitions within the industry chain have also appeared frequently, accelerating the increase in industrial concentration. For example, M&A activities of companies such as Sanan and Mulinsen can be regarded as the process of integration of the industrial chain, and the overall layout of the industrial chain is accelerating. On the other hand, the market share of Taiwanese manufacturers in the Chinese market is declining year by year. In 2016, the market share was only 22%, while that in mainland China increased to 76%. Taiwanese manufacturers are basically only one of Jingdian, and other manufacturers can basically ignore it, and the market share of Jingdian in the Chinese market is also declining. From the perspective of international status, China's chip industry is rising from the third echelon to the second echelon, and China has entered the second echelon. In fact, the gap between the first echelon and the second echelon is mainly due to the absolute advantage of the number of patents held by the first echelon. The market concentration has increased, market competition has been alleviated, chip prices have bottomed out, and some chip prices have risen. Under the influence of technological upgrading and scale advantage, China's LED chip industry is experiencing rapid growth, and the market structure has taken shape. The winner is king, and the expansion of production surges As the concentration of the industry increases, the chip makers have more initiative in price. On August 25th, 2016, LED chip faucet Sanan Optoelectronics raised the price of some small and medium-sized products by 10%. At the beginning of 2017, Sanan Optoelectronics issued a price increase letter to downstream manufacturers, and some products increased by 8%. The price increase and expansion of the chip makers made their 2016 performance begin to pick up. According to data from the LED Research Center of Jibang Consulting, the scale of China's LED chip market reached RMB13.9 billion in 2016. After the 2015-7% recession, the chip industry in 2016 ushered in 9% growth. The output value of LED chips was 11.4 billion yuan, a year-on-year increase of 13%. At the same time, with the tight production capacity of LED chips, two or three LED chip manufacturers have once again set off an arms expansion competition. It is expected that China's LED epitaxial wafer and chip manufacturers will have more than 230 MOCVD devices this year, and their LED chip capacity accounts for More than 50% of global production. According to reports, it has been announced that it will invest 6 billion yuan in Huacan Optoelectronics. It is expected that the new plant in Yiwu will be put into production in May 2017, and will reach an annual output of 3 million LED chips. With the expansion of Huacan's expansion, it is said that Sanan will not be outdone. In order to maintain its leading position, it will also purchase a large number of machines in 2017. In addition to blue LEDs, the expansion project will also target high profits. The quaternary LED capacity is expanded. In the second half of 2016, Aoyang Shunchang has accelerated the expansion of LED die production. It is expected that the production capacity will be gradually released from the first quarter of 2017. The production capacity in 2017 is expected to reach 800,000 pieces per month. In addition, Ganzhao Optoelectronics, which started with Quaternary LED, also issued an announcement on the evening of May 8, and reviewed and approved the “Proposal on Expansion of Main Business of the Company”. According to the announcement, the total investment of this expansion plan is 735,588,100 yuan, including fixed assets investment of 644,670,900 yuan and working capital of 91,191,200 yuan, for the implementation of red and yellow LED chips and triple junction GaAs solar energy. The battery is expanded, and the main equipment is 20 sets of quaternary MOCVD epitaxial furnace and corresponding chip production equipment. From the point of view of the expansion of production, the industrial concentration will continue to increase. In the future, more market discourse rights will be mainly in the big factories such as Sanan and Huacan. At that time, small-scale manufacturers will gradually be eliminated or marginalized by the market. From the leading to the giant Sanan Optoelectronics said that the LED chip, you have to mention Sanan Optoelectronics. In recent years, the production capacity of Sanan Optoelectronics has become increasingly large. Under the expansion of scale, the company has firmly occupied the leading position in the industry. According to the first-quarter earnings report released by Sanan Optoelectronics, Sanan Optoelectronics benefited from the expansion of production scale, LED chip and automobile lamp production increased significantly, and the single-quarter revenue increased by 68.9%, compared with Cree and Jingdian. It reached RMB 1.989 billion. At present, Sanan Optoelectronics is the leading enterprise in China's domestic LED chip market, and LED chip business accounts for 90% of the company's business. According to industry research, Sanan Optoelectronics currently has 376 MOCVD equipment. The shipment of LED chips ranks first in the domestic market and the top three in the world. The gross profit margin is significantly better than other companies in the same industry. The company has absolute scale and technical advantages. The biggest beneficiary of the LED industry shuffling and integration process. The LED chip industry's business climate has reversed from 2016Q3. The company's 2016Q4 single-quarter gross profit margin reached 50.1% (41.6% for the whole year), which is close to the best level in the company's history. In 2017, Q1 gross margin was 43.2%, and operating profit increased by 130.7% year-on-year, the highest in 2011. Judging from the figures from January to March this year, Sanan Optoelectronics is currently only inferior to Osram, according to figures from domestic and foreign companies that have already reported earnings. The exchange rate shock, both turned losses. Compared with its peers, Sanan Optoelectronics has several major advantages: one is the unparalleled scale effect, the other is that the LED chip technology level has reached the international leading level, and the third is the upstream of the chip industry chain, helping the company to seize the chip price to improve the market performance. Rapid growth. Moreover, the compound semiconductor business is expected to bear fruit this year and is expected to become the foundry king of the 5G chip field. Looking at the overall situation of LED chips, as the current market demand for LED chips continues to grow, the market price in the short term will be relatively stable. However, as the new capacity will be released from the second half of the year, the LED market order will be stable in the second half of 2016, and it will likely face challenges again, and it will be possible to restart a wave of price cut competition.

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